Wealth Index
The wealth index reflects the overall economic prosperity and financial well-being of a county's residents based on income levels, employment rates, and income inequality metrics.
Income Statistics Overview
| Metric | Powell County | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $39,825 | $62,784 | $78,145 |
| Median Personal Income | $51,703 | $53,643 | $61,726 |
| Average income growth | 2.5% | 4.9% | 5.1% |
| Six-Figure Earners | 2.5% | 8.4% | 13.2% |
The median household income in Powell County is about 37% lower than in Kentucky. Income has been growing slower in Powell County (2.5%/yr) than in Kentucky (4.9%/yr).
About 2% of adults in Powell County earn six figures ($100,000 or more) a year, lower than the Kentucky average of 8%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Powell County, Kentucky grew by 30.6% from 2009 to 2023, reaching $39,825 in 2023. That's an average of about 2.5% per year.
Economic Inequality in Powell County | Gender Pay Gap | Gini Coefficient
| Metric | Powell County | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.547 | 0.554 | 0.570 |
| Male Median Income | $54,589 | $59,736 | $67,746 |
| Female Median Income | $47,466 | $47,402 | $54,793 |
| Gender Pay Gap | 13.0% | 20.6% | 19.1% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Powell County, it is 0.547, lower than Kentucky's 0.554, so income is more evenly distributed here than there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 15% more than women's income in Powell County, Kentucky. Over a 35-year career, a 15% wage gap accumulates to roughly $249,305 in unearned income for female workers in the area.
Income by Sex Over Time
The income gap between men and women in Powell County, Kentucky has stayed about the same since 2009, at around 13%. In dollar terms, the gap has widened by $2,471 since 2009.
Employment
| Metric | Powell County | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.1% | 4.8% | 5.2% |
| Working from Home | 4.6% | 9.1% | 13.4% |
| Commute time (minutes) | 23 | 20 | 22 |
Approximately 375 people are unemployed in Powell County, Kentucky.
The average commute time in Powell County is 23 minutes, longer than the 20 minutes in Kentucky.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Powell County, Kentucky has fallen from 10.0% to 7.1% in 2023.
Conclusion
Considering all these factors, Powell County, Kentucky has an overall wealth index grade of D, making it somewhat worse than Kentucky, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Powell County, Kentucky.
How Rich Is Powell County, Kentucky?
Powell County has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $39,825, about 37% lower than the Kentucky average of $62,784.
What is the current median household income in Powell County, Kentucky?
As of 2023, the median household income in Powell County, Kentucky is $39,825.
What was the median household income in Powell County in 2023?
In 2023, the median household income in Powell County, Kentucky was $39,825.
What was the median household income in Powell County in 2020?
In 2020, the median household income in Powell County, Kentucky was $41,718.
What is the Gini coefficient in Powell County, Kentucky?
The Gini coefficient in Powell County is 0.547. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.570, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Powell County, Kentucky?
The income gap between men and women in Powell County, Kentucky has stayed about the same since 2009, at around 13%. In dollar terms, the gap has widened by $2,471 since 2009.